ITM Power, the energy storage and clean fuel company, has announced its audited results for the year ended 30 April 2015.

The group currently has £10.46m of projects under contract or in the final stages of negotiation after recognising total revenue and grant funding of £5.061m in the period (2014: £3.077m) up 64%.

 

Key Financial Results For The Year Ended 30 April 2015

• £4.86m of new funds raised from a strategic investment by JCB
• Total Revenue & Grant Funding of £5.061m (2014: £3.077m) up 64%, comprising:

• Revenue - £1.635m (2014: £1.127m) up 45%

• Grant income - £1.777m (2014: £1.370m) up 30%

• Grants receivable for capital projects - £1.649m (2014: £0.580), up 63%


• Increase in property, plant and equipment to £2.546m from £1.755m, up 45%


• Loss from operations £5.723m (2014: £7.789m), improved by 27%


• Cash balance £6.576m (2014: £9.763m), down 33%



 

Technical Achievements

• Increased hydrogen output per stack by 50%


• Stack cost reduction of 26%


• Laboratory measured cell degradation reduced by 20%


• Launched 1MW stack skid to extend product reach to multi-MW applications


• Thüga Power-to-Gas Project Update “exceeded expectations”



 

Commercial Progress Since Year End

• A further £1.98m of products under contract secured since year end (2014: £1.33m)


• £0.36m of contracts in final stages of negotiation (2014: £2.78m)



Corporate Development Post Year End

• Bob Pendlebury joins the board as a Non-Executive Director

 

ITM Power CEO Graham Cooley commented, “This has been a very busy time for the company. Customer engagement with our products is at an all-time high. The project and quotation pipeline as a result has been steadily growing in our target applications of energy storage and hydrogen fuel.”

“ITM Power enjoys a strong foothold in Germany with its PEM Power-to-Gas technology and is building a valuable portfolio of refueling stations in the UK centred on London, which will provide strong commercial experience in the manufacture, deployment and operation of on-site hydrogen production and refuelling stations. This continued progress is a reflection of the skill and commitment of our highly talented team.”